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Iveco to invest 400 million capital in China

Jorvan From Gasgoo.com| February 09 , 2007

Recently, the NAC and Italy Fiat Group signed an agreement for further cooperation. The integration of Yuejin Auto into Nanjing Iveco made Nanjing Iveco the largest project of Fiat in Asia, whose scale is close to the Italian Iveco.

According to the agreement, NAC and Fiat automobile co-invest to Nanjing Iveco, Fiat will inject 400 million yuan in cash. NAC will inject Yuejin Automobile evaluated 400 million yuan into Nanjing Iveco, including Yuejin Automobile plants, land, production lines and brands. After the integration, each side still holds 50% share of the new company.

Italian Iveco CEO Paolo Monferino said yesterday, "Yuejin brand products will be sold through global networks of Iveco, which will enhance Iveco commercial vehicle competence in the mid and low-end markets in Europe." Wang Haoliang, chairman of the NAC, said after the three-month integration period, Nanjing Iveco, with its main products light commercial vehicle before, will have two major product lines: buses and trucks, covering low to high -end market segments.

According to the general manager of Nanjing Iveco Sales Company Deng Xiaohai, Nanjing Iveco plans to achieve sales goal of 100,000 units this year, about 25,000 Iveco brand models and 75,000 Yuejin brand.

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